Candle Pattern Detector

Candlestick patterns are certainly among the most loved and trusted technical tools. In the same time, they are very easy to spot for a trained eye, yet having an indicator plot them all on the chart is a great time saver to any full time trader.

Our candlestick pattern detector is able to accurately identify the most common candlestick patterns, such as the Hammer, Inverted Hammer, Shooting Star, Bullish and Bearish Engulfing Candles (and their 3-candle equivalent the Three Inside Up and Three Inside Down), Tweezers Bottom and Tweezers Top, and last but not least the Morning Star and Shooting Star candle patterns.

The indicator allows some flexibility with regards to tweaking the detection and how 'directional' the patterns are supposed to look like. It is also safe to be used in the scope of automated trading, the EA can simply call the external buffers to read the patterns, as opposed to graphical objects which could not be used within the Strategy Tester's Optimization module (ours works all the way). Check out the screenshots and don't hesitate too much about giving it a try!